March 2008

Foreign (re)insurers doing business in the EEA: setting the record straight 

Prior to the Reinsurance Directive, there was no harmonised system of regulation of pure reinsurers in the European Economic Area (see Note). Member States, bearing in mind the GATS provisions, as noted below, could choose to what extent reinsurance was regulated in their own jurisdiction, resulting in inconsistencies for reinsurers throughout the EEA both in terms of authorisation requirements and prudential supervision requirements.

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